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Author Topic: Deadliest Bug in Bitcoin history  (Read 255 times)
Anna138
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September 19, 2020, 07:36:55 PM
 #21

The most devastating Bitcoin bug in history was the 92 billion Bitcoin that was created from out of thin air. This hack was as a result of security flaw that was found and exploited by the anonymous hacker. Going by todays Bitcoin price the hacker should have been swimming with trillions of $dollars and the wealthiest person on earth. This hack was made possible because of a number overflow error. This hack caused pandemonium among Bitcoin community and thanks to Bitcoin enthusiasts who were able to arrest the case without a major damage to Bitcoin.
The hacked 92 billion Bitcoin transactions were all cancelled and the Blockchain was roll back to its pre-hack state. source

The question is, assume this hack went through and transactions successful, will Bitcoin still remain the same as it is now? Considering the fact that, there are only 21million Bitcoin programed to be in circulation.
  
Below threads depict the zeal’s among Bitcoin community in the recovery of this incident; can’t the same community help in recovery funds whenever there’s major hack in the network?.

Strange block 74638
overflow bug SERIOUS
Version 0.3.10 - block 74638 overflow PATCH!


Perhaps most of this money went to charity. Many hackers use the image of Robin hood when they steal money from the wallet of rich people and distribute it to the poor. For example, African countries largely live thanks to hackers who distribute money to charitable organizations.

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September 19, 2020, 07:45:56 PM
 #22

This can be said to be really devastating and it goes a long to prove that the blockchain network is not infallible as it's being portrayed since the beginning of time but now a flaw has been identified. It was blocked now but what happens if the attack becomes so consistent that it can not be wandered off and that would be so devastating to the entire crypto industry which could bring an end to further development that could happen on the blockchain platform
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September 19, 2020, 09:54:23 PM
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The most devastating Bitcoin bug in history was the 92 billion Bitcoin that was created from out of thin air. This hack was as a result of security flaw that was found and exploited by the anonymous hacker. Going by todays Bitcoin price the hacker should have been swimming with trillions of $dollars and the wealthiest person on earth. This hack was made possible because of a number overflow error. This hack caused pandemonium among Bitcoin community and thanks to Bitcoin enthusiasts who were able to arrest the case without a major damage to Bitcoin.
The hacked 92 billion Bitcoin transactions were all cancelled and the Blockchain was roll back to its pre-hack state. source

The question is, assume this hack went through and transactions successful, will Bitcoin still remain the same as it is now? Considering the fact that, there are only 21million Bitcoin programed to be in circulation.
  
Below threads depict the zeal’s among Bitcoin community in the recovery of this incident; can’t the same community help in recovery funds whenever there’s major hack in the network?.

Strange block 74638
overflow bug SERIOUS
Version 0.3.10 - block 74638 overflow PATCH!
Perhaps most of this money went to charity. Many hackers use the image of Robin hood when they steal money from the wallet of rich people and distribute it to the poor. For example, African countries largely live thanks to hackers who distribute money to charitable organizations.
It wasn't a hack but a potential bug found in Bitcoin network, after the community discovered this flaw it was quickly patched and the hackers went home with nothing. Hackers  aren't giving anything to charitable from my understanding but always tried to covered up their shitss by doing so. The 95 Billion Bitcoin generated from tin air was recovered from the hackers.

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September 19, 2020, 10:29:28 PM
 #24

This can be said to be really devastating and it goes a long to prove that the blockchain network is not infallible as it's being portrayed since the beginning of time but now a flaw has been identified. It was blocked now but what happens if the attack becomes so consistent that it can not be wandered off and that would be so devastating to the entire crypto industry which could bring an end to further development that could happen on the blockchain platform

We really can't say that we have unshakeable network because it is only a matter of time, when someone can penetrate again the system. But we still have white hackers or good developers that can counter-attack these malicious activities. They won't let our network die because of these people. But we need to prepare for the worst, right?

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